In this island there is much gold, in sheets, among the natives; and, although they trade but little, they understand the value of the gold, and know how to adulterate it by mixing it with silver, tin, copper, brass, and other metals brought from China. They have established the value and qualities of gold as follows: There is a very base gold that has no name, with which they deceive; and a second grade, called _malubai_, which is worth two pesos. Another quality, called _bielu_, is worth three pesos; and another, called _linguingui_, is worth four. The quality called _oregeras,_ for which the Chinese name is _panica_, is worth five pesos; and this is the best gold in which they trade. It is of sixteen or even eighteen carats, and of this are made all their trinkets and jewelry. The best gold obtained is another grade called _guinogulan_ [12] which means "the lord of golds;" it weighs about twenty-two carats. From this is made the jewelry which they inherit from their ancestors, with which they never part; and even should they wish to sell these ornaments, there is no one who would give for them more than five pesos in silver. Neither will they give more, even for good gold; and they do not take it in exchange for supplies, or for the goods which they sell. Consequently this is the reason that gold is so valued in this country. It may be illustrated in this way. Should a Spaniard buy food or anything else from a native, the Moro immediately takes out the touchstone which he carries with him; and, even if the value be not over two reals, he takes great pains to see if the gold be conformable to the aforesaid standard. Although it may be stamped and assayed, the Indian will trust to no reckoning but his own. Neither is there any rule by which to pay, beyond the weight and value of the gold; this applies likewise to the orejeras or panica, for all the gold which is used in trade is mixed with other substances, to make the other grades of base gold. Although I have intended and tried to remedy this, it is impossible, as the majority of them are silversmiths for this very purpose; and if any restrictions were made, they would think that they were about to be ruined. It has seemed to me that the country is very new for establishing any other currency than gold, which here is like the king's fifth of silver in Nueva España. I have written to this effect to the viceroy, a copy of which letter accompanies this, and a report concerning this matter; also an account of the gold paid to the royal treasury, and the trade effected by all the Spaniards. The Chinese will not take the panica at more than four pesos of texuela to the tae[l] which, they say, is of that value in their country and they lose one llealla by so doing. This is the weight called _tae_, and comes from China. It weighs more than one onza, two adármes; so that three taes and thirteen maes are worth two Castilian marcos, or one livra.